Flare Network (FLR) Open Interest Shoots 45%, Here’s Why

Flare Network (FLR) saw a v-shape recovery in the last 24 hours, with price skyrocketing over 20%. The FLR price rally came amid a massive 270% jump in trading volumes, indicating a huge rise in interest among spot and derivatives traders after Flare announced upgraded oracle FTSOv2.

After Flare Network co-founder Hugo Philion in mid-February announced that XRP could come to Flare through the FXRP asset, FLR price skyrocketed more than 75% in the next few days but faded all gains. The new interest has sparked speculation in the XRP community.

Flare Announced FTSOv2 Upgrade

Flare Network announced the upgraded version of (FTSO) Flare Time Series Oracle — FTSOv2. Flare revealed the upgrade will give dapp developers access to a wider range of up to 1000 data feeds in every block in 1-2 seconds. “FTSOv2 is a stepping stone to realize the vision of Flare as the Blockchain for Data,” it added.

The key 3 improvements in the FTSOv2 upgrade include:

1. Increase in the number of data feeds to more than 50 data feeds, with the potential to scale to 1,000 data feeds.
2. Increased update frequency: Anchor updates are provided every 90 seconds.
3. Stream updates are available in between anchor updates, enabling faster access to updates, at a possible cost in accuracy.

Flare said it is expanding its data capabilities to a broader spectrum of assets, such as stocks and commodities. The network’s developments facilitate secure, efficient cross-chain data exchange by enhancing security, reducing costs, and simplifying development processes. “This is in preparation for further advancements in connecting data across blockchains and between web2 and web3.”

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FLR Price Skyrockets Over 20%

FLR price jumped over 20% in the past 24 hours, with the price currently trading at $0.039. The 24-hour low and high are $0.033 and $0.043, respectively. Furthermore, the trading volume has increased by 270% in the last 24 hours, indicating a massive interest among traders.

Flare futures open interest increased by 45% in the past 24 hours amid the key developments. Total FLR futures OI across major crypto exchanges such as Bybit and OKX saw a massive jump. However, there is some decline in OI in last few hours, causing FLR price to fall.

After the XRPL AMM developments, sourcing XRP will be useful for FXRP agents. “Clearly there are some kinks to be ironed out but that will happen, said Hugo Philion.

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